April Fool’s Day is over, but Twitter has just pulled off something that sounds like a prank, though it isn’t. The social media platform has changed its iconic blue bird logo to an infamous crypto symbol: the Dogecoin (DOGE-USD) dog. The popular internet meme caricature that has inspired DOGE, Shiba Inu (SHIB-USD), and even Floki Inu (FLOKI-USD) is currently the new Twitter logo.
Users who visit the platform’s home page can see the animated Shiba Inu dog in the corner of the screen where they are used to seeing the bird. This development seemingly came out of the blue but has sent DOGE prices soaring.
What’s Happening With Dogecoin and Twitter?
As of now, Twitter has issued no statement on the new logo. CEO Elon Musk, a known Dogecoin enthusiast, has been relatively quiet today. That’s a bit out of character for him. Before his Twitter acquisition, Musk lobbied for Twitter to accept Dogecoin as a payment option. But his support for the memecoin long predates that. In October 2021, he admitted to holding some DOGE in the following Twitter thread after being asked if he owned any SHIB. Musk hasn’t provided any details on the new logo, but he did recently tweet the following meme:
— Elon Musk (@elonmusk) April 3, 2023
Given Musk’s pro-Dogecoin stance, the recent Twitter logo change seems perfectly on-brand for him. The benefits have been quick. Since it went into effect, DOGE has surged considerably. As of this writing, it is up 25% for the day and shows no signs of slowing down. The memecoin hasn’t quite reached the levels it saw in late October 2022 when Musk took over Twitter, but it reached $0.13 per coin, but this is the closest it has come since then. At the time, experts speculated that Dogecoin would strongly benefit from Musk’s acquisition. As InvestorPlace contributor Faisal Humayun noted:
“Clearly, big investors are betting on the digital currency with Musk’s backing. The coin is already being accepted to buy selected Tesla merchandise. Additionally, Tesla’s supercharging station will also be accepting the cryptocurrency as a mode of payment. Moreover, last year, Musk’s SpaceX accepted Dogecoin as a payment method to launch ‘DOGE-1 Mission to the Moon.’ The key point here is that as more companies accept Dogecoin as a payment method, the meme coin adoption will increase.”
Humayun might not have expected Dogecoin to benefit from Musk’s Twitter takeover in this way. Likely no one did. But Musk has proven repeatedly that he is willing to go to shocking lengths, even if the methods are deemed highly unorthodox (and possibly illegal). Granted, this news will likely drive a high influx of users to Twitter today for no reason other than to see if it is true. And if Musk is still holding DOGE, he’s likely having a great day as the memecoin’s price keeps rising.
What Comes Next
Until Musk tweets about the new Twitter logo with more than memes, we won’t know much about his plans for it. It may be a precursor to an announcement about the platform finally accepting Dogecoin. If it is, DOGE prices will likely keep rising, at least for now. Experts in the past have laughed at the meme coin, but if Musk is doubling down on his support for it, the former joke crypto could surge like never before.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.